Russia remains the largest supplier of oil to China for the third month in a row
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According to data provided by Chinese customs, Russia remains the largest supplier of oil to China for the third month in a row. This is due to the fact that local refineries prefer to buy Russian oil at a discount, rather than continue to buy it at full price from competing suppliers – Angola and Brazil.
Imports of Russian oil in July, including deliveries via the East Siberia-Pacific Ocean pipeline and sea transportation from European and Far Eastern ports of Russia, amounted to 7.15 million tons, which is 7.6% more than a year ago.
Since the beginning of the year, imports from Russia amounted to 48.45 million tons, which is 4.4% more than a year earlier. However, Russia still lags behind Saudi Arabia, which has shipped 49.84 million tons to China this year.
Overall, China’s crude oil imports fell 9.5% year-over-year in July, with daily volumes hitting one of the lowest levels in four years as refiners slashed inventories and domestic fuel demand recovered more slowly than was supposed to.
China’s purchases of oil from Russia also crowded out supplies from competitors from Angola and Brazil, with imports from these countries falling 27% and 58% year-on-year, respectively.
In addition, the customs reported a complete absence of oil imports from Venezuela and Iran last month. Imports from Malaysia, which in the past two years has often been used as a transshipment point for oil from Iran and Venezuela, rose by 183% to 3.34 million tons compared to the same period last year with a figure of 2.65 million tons.
Authors – Clarence Fernandez;
Source – Reuters
Translation – Daniil Prilepsky “Moscow Truth”
Screenshot from Reuters website
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